Traders report a European corporate is buying EUR/USD on the dips toward the 1.2800 level, absorbing some decent-sized spec selling.
Why would a European company buy its own currency? Most likely to repatriate profits earned abroad…
Turnover is relatively high today within a 50 pip range in EUR/USD. Looks as though folks want to take care of business before tomorrow’s NFP sends the market spasmodic…
EUR/USD trades now at 1.2815.